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There are significant differences in the dynamics of employment over the business cycle between young and old manufacturing plants. Young plants are more sensitive to aggregate disturbances, and they respond to them along different margins. We interpret these differences as reflecting greater...
Persistent link: https://www.econbiz.de/10012472004
vertical equity. In particular, the former index measures deviations from the fundamental principle that equals be treated …
Persistent link: https://www.econbiz.de/10012471765
This paper presents a new framework for analyzing inequality that moves beyond the anonymity postulate. We estimate the determinants of sectoral choice and the joint distributions of outcomes across sectors. We determine which components of realized earnings variability are due to uncertainty...
Persistent link: https://www.econbiz.de/10012466145
This paper describes a new, industry-adjusted index of state environmental compliance costs from 1977 to 1994. The … index has two principal advantages: it controls for states' industrial compositions, and it can be calculated for 17 years … and 1994. Third, this cost index is negatively correlated with subjective indices of state environmental efforts compiled …
Persistent link: https://www.econbiz.de/10012471487
This paper develops and characterizes an index of trade policy restrictiveness defined as the uniform tariff equivalent … volume-equivalent index to the Trade Restrictiveness Index welfare-equivalent measure changes in the generalised mean and … that the new index frequently gives a very different picture than do standard indexes …
Persistent link: https://www.econbiz.de/10012471941
treatment, rather than prices of fixed bundles of inputs. We outline features of a proposed new experimental price index -- a … medical care expenditure price index -- that is more suitable for evaluation and analyses of medical care cost changes, than …
Persistent link: https://www.econbiz.de/10012471996
This paper develops an interpretation of the Asian meltdown focused on moral hazard as the common source of overinvestment, excessive external borrowing, and current account deficits. To the extent that foreign creditors are willing to lend to domestic agents against future bail-out revenue from...
Persistent link: https://www.econbiz.de/10012472030
This paper considers forecasting a single time series using more predictors than there are time series observations. The approach is to construct a relatively few indexes, akin to diffusion indexes, which are weighted averages of the predictors, using an approximate dynamic factor model....
Persistent link: https://www.econbiz.de/10012472111
In recent papers, Nelson and Pack (1995) , Rodrik (1997), and Hsieh (1997a) argue that standard measures of total factor productivity growth in countries where the capital-labour ratio has risen rapidly, e.g. the East Asian NICS, will understate true productivity growth if the elasticity of...
Persistent link: https://www.econbiz.de/10012472148
A number of analysts have claimed recently that the consumer price index overstates the annual increase in the cost of … living. This paper develops a framework for studying measurement problems in the consumer price index and systematically … show how better to measure medical care prices, the paper presents a prototypical price index for cataract surgery. This …
Persistent link: https://www.econbiz.de/10012473258